New data today from Domain's First Home Buyer Report shows affordable homes are out of reach for average first-home buyers in all Australian cities.
The report finds that in the past five years, the cost of entry-level houses has increased by 68%, with units having risen by 30%, while wages have only increased by 21%.
The Greens say Labor's policies are to blame - the 5% deposit scheme and tax breaks for wealthy property investors, such as the CGT discount - are fuelling investor demand, pushing house prices through the roof.
As stated by Greens spokesperson for finance, housing and homelessness Senator Barbara Pocock:
"The Great Australian dream of owning a home is dead thanks to Labor.
"Under Labor, house prices only go one way - up, and first-home buyers don't stand a chance of getting into the market.
"Labor is the government of house price increases. Its 5% deposit scheme and tax breaks for property hoarders are fuelling investor demand.
"Labor has killed any chance of home ownership for younger people, unless they're lucky enough to win the generational lottery.
"Labor has turned the housing crisis into a game of Monopoly - and first-home buyers are losing out.
"Without tackling the root causes of the housing crisis - which are the tax breaks for wealthy property hoarders and the lack of social and affordable housing - house prices will continue to spike, and banks will continue to rake in the profits."
